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sir i want you to confirm my understanding of the following rule:
A member company has an option to save its QCD relief for current year and transfer any remaining losses to other member companies, if it is only claiming a current year relief (as far as setting off its losses against its own company profits is concerned).
But if it is making a current year claim as well as a carry back claim, then QCD relief of past year can only be saved(have to compulsorily waste the QCD of current year) and rest of the losses could be passed on to other fellow member companies.
is that right sir??
thanks.
In order to avoid wasting QCD’s in the current period a company may choose to FIRSTLY claim group relief so as then leave ONLY that amount of loss remaining that when set against total profits it still leaves sufficient profit to cover the QCD’s.
You cannot make a partial claim in either current period or carry back relief and you can only make a carry back claim if there is still loss unused AFTER the current period claim
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